As per the Report of the Comptroller and Auditor General (CAG) of India on Public Sector Undertakings (PSUs) of Odisha for year ended on March 2019, out of 47 working PSUs, 30 earned profit of Rs 1,024.07 crore and 11 incurred losses of Rs 169.36 crore.
One PSU attained a break- even, one had yet not submitted its account and four PSUs have earned ‘0’ profit. While the Industrial Development Corporation of Odisha Limited incurred losses of Rs 89.54 crore, Odisha Rural Housing and Development Corporation Limited and IDCOL Kalinga Iron Works Limited incurred losses of Rs 42.93 crore and Rs 14.35 crore respectively.
On the other hand, the top profit making companies are the Odisha Mining Corporation Limited (Rs 789.88 crore), Odisha Construction Corporation Limited (Rs 67.16 crore) and Odisha State Beverages Corporation Limited (Rs 29.99 crore).
Among the nine power sector PSUs, Gridco Limited incurred substantial loss of Rs 197.50 crore, whereas Odisha Hydro Power Corporation Limited made a profit of Rs 144.39 crore, Odisha Power Transmission Corporation Limited got profit of Rs 19.80 crore and Odisha Power Generation Corporation Limited made profit of Rs 4.79 crore.
The audit observed that improper load forcasting of transformer capacity in Detailed Project Report resulted in installation of higher capacity transformer leading to extra expenditure of Rs 22.31 crore.
The Odisha Electricity Regulatory Commission (OERC) also expressed concern over huge aggregate technical and commercial (AT& C) losses varying from 50 per cent to 74 per cent in several areas of the DISCOMs.
As on March 2019, the State had 82 PSUs consisting of three Statutory Corporations and 79 Government Companies (including that of 26 inactive Government companies).The CAG report also observed that IDCO could not meet the target of creating land bank of 1, 00,000 acres for faster allotment of land to promoters.
The IDCO also allotted 117 acres of the Government land at concessional rates in violation of Industrial Policy Resolution 2007, to two thermal power plants like Lanco and GMR, which in turn had failed to commence commercial production within the prescribed period. They were even not eligible for any incentive.
The IDCO did not take back 537.82 acres of the Government land sanctioned between April and December 1996 in favour of TISCO as advance possession for an integrated steel plant, even though TOSCO didn’t utilise the land for its intended purpose.
Due to its failure to monitor and maintain an updated database, the IDCO did not recover GR and Cess of Rs 18.52 crore, outstanding against all of the industries to whom land was allotted.
For in case of 44,932.29 acres of private land such dues could not be fixed as the IDCO failed to pursue the correction of their RoRs.
